Versace is close to the Billion Dollar Club. Balenciaga and Jimmy Choo to join as well

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The fashion house is about to reach one billion euros, in terms of incomes, in “mid-terms prospects”. As reported by L’Economia, Jonathan Akeroyd, chief executive officer of Versace since 2016, is rather confident that the brand will soon join the billion-dollar club, only for members whose turnover exceeds one billion euros. The manager grounds his expectations on the last year driving sales: they increased by 18%, compared to 686 million euros in 2016. Accessories are worth 25% of the group’s earnings, while footwear is worth 21%. The fashion brand also achieved such rewarding accomplishments thanks to synergies. While talking to the Corriere della Sera, specifically to L’Economia, Donatella Versace thinks over the merger they never carried out with Gucci (dearly departed Gianni Versace had been planning the deal in the ‘90s). She also points out “I am on very good terms with several fashion designers, both Italians and international, including Alessandro Michele and Pierpaolo Piccioli. I would not hinder a closer relationship at all if conditions were appropriate”. Back to applications for membership in the Billion Dollar Club, Versace is waiting together with other prestigious brands. Last winter, Cédric Charbit, chief executive officer of Balenciaga, announced, while talking to the Financial Times, he was aiming at one billion euros. The same goes for John Idol, CEO of Kors group: during his interview, at Fashion Network, he said he is very confident that also Jimmy Choo will manage to join the Billion-Dollar Club shortly.

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